Tenants depositing rent into your account
How does it work to have tenants deposit directly into your bank account? There is a new law that they have to show ID and SSN? Most of our tenants are Hispanic and do not have ID or SSN. Is there a way to get around that?
TIA
Julia
Most Popular Reply
@Jon Holdman @Ronan M. the issue with chase that Jon mentioned they stopped allowing cash deposits only applies to personal accounts not business accounts.
I had a tenant deposit cash today into my chase business account no problem at all.
Btw I believe this is now the rule for all banks related to personal accounts.